I had Select Portfolio Servicing in the past prior to 2005 as my Servicer. They would process my payments every month past the grace period to the point they were destroying my credit. I had A-1 credit at that time and because of them it went downhill. So, I did a refinancing of my loan, it was an equity loan I had with them.
One of my customers, a broker offered me a new equity loan, merged my car, and this SPS loan together, with a couple other bills not a lot of money. I was told that they needed to appraise my home to a value that would match the amounts that I would need to put my bills together and sent like three appraisers over. I was suspicious but figured it was one of my clients, he wouldn't do this to me. So I was called in to bring in the balances of the equity loan with SPS a car and I was to get 20 thousand to fix my house. I never went to a closing, I was told that my invoice would come in two months, the bills were paid, and I got my money for the repairs. Thank God I got away from SPS right? Heck no. I never got any paperwork. But an invoice for $1,400.00 a month at 8%. I was quoted a lessor interest rate and an $800.00 payment. I was fuming. I was with Accredited Home Lenders at the time and I could not get them to send me paperwork regarding the loan. So, I was stuck paying a huge bill at a huge amount not sure who got a huge chunk of money from this loan. The broker took off to Cali, then closed his business here and guess what. I get a letter from the lender about a year and a half later stating they are going under water and transferring my loan to guess who.
Select Portfolio Servicing. I am more than fuming now. So I call them repeatedly to ask for a copy of the note and I demanded to know who the bank was as I was not going to work with these crooks again. I asked for a modification sent them documents so many times, they would loose it or not even respond. And they kept telling me over the phone, they were my bank, that they bought the mortgage that although they are a servicer they also purchase mortgages, etc. I was really mad. Now, because they wouldn't modify the loan, I stopped working with them as I asked them for documents about the loan so many times and they would deny it to me as well. Now they are foreclosing on me and claiming Deutche Bank is my bank, yeah, they send it now, in November but i had asked you this info like 20 times and they said they were the bank and note holder. They told me repeatedly that they were the bank now it's someone else. I get the final documents to only see that someone has forged or copied my name on to the note, and paperwork. I never did a closing, not to mention, the paperwork was filed with the county almost a year later. Thieves and liars. I asked them for all correspondence they failed to provide letters to me sent in the beginning when I asked them for proof that they purchased the mortgage. They have omitted all of that correspondence. But they should keep aware that they are bound to the class action lawsuits. These are the following case numbers 03-12219-DTW and 03-10895-DTW. I believe everyone needs to look at these. They will be titled under the company name of Fairbanks Capital (aka) their new name, Select Portfolio Servicing. They are liars and if you have a mortgage with them, ask for a copy of your contract. They withheld this from me until they did the foreclosure process, I guess so I wouldn't see all the fraudulent documents they had. They are also liars, they will not modify your loan, but make you send the papers over and over to drag it out so they can foreclose on you. I was out of work sick, but not for a long time and they could have modified the loan easily as I could have paid but they pretended to lose my papers and not even respond. I even sent it again before our mediation and nothing. They do this so they can foreclose on you the entire process is a scam. Laws are created to help people stay in their homes, but guess what, like all laws made for corporations, they are not enforced and they come with no penalties or consequences when they are violated.
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